VST Industries Ltd

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.

Add ratio:

Pros:

Company is virtually debt free.

Stock is providing a good dividend yield of 3.42%.

Company has a good return on equity (ROE) track record: 3 Years ROE 34.13%

Company has been maintaining a healthy dividend payout of 68.96%

Cons:

The company has delivered a poor growth of 6.85% over past five years.

Promoter holding is low: 32.16%

Peer Comparison Sector: Tobacco Products // Industry: Cigarettes

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	220	210	220	239	279	243	290	293	273	305	299	344
	157	144	150	159	200	147	201	206	191	190	203	235
Operating Profit	63	65	70	80	79	96	89	87	81	115	96	108
OPM %	29%	31%	32%	33%	28%	39%	31%	30%	30%	38%	32%	32%
Other Income	4	6	5	5	8	8	10	9	11	12	12	11
Interest	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	11	9	9	9	11	9	11	10	11	9	9	10
Profit before tax	57	62	65	76	76	95	89	86	81	118	99	109
Tax %	38%	35%	33%	35%	37%	36%	36%	36%	34%	36%	23%	25%
Net Profit	36	40	44	50	48	61	57	55	53	76	76	81
EPS in Rs	23.04	25.77	28.50	32.22	31.30	39.66	36.99	35.90	34.34	49.01	49.42	52.77
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	339	380	471	578	684	669	789	836	883	922	948	1,099	1,220
	255	313	401	439	475	488	571	594	646	675	654	746	819
Operating Profit	83	67	70	139	210	180	218	243	237	248	294	353	401
OPM %	25%	18%	15%	24%	31%	27%	28%	29%	27%	27%	31%	32%	33%
Other Income	16	35	33	20	26	26	32	18	20	20	25	39	46
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	14	16	18	24	25	22	27	32	31	37	39	41	40
Profit before tax	86	86	86	135	211	184	224	229	227	231	279	351	407
Tax %	32%	28%	27%	30%	32%	31%	33%	33%	32%	34%	35%	35%
Net Profit	58	62	62	95	143	126	150	152	153	152	182	227	287
EPS in Rs	34.39	34.94	35.21	54.24	81.76	71.14	85.34	83.92	85.30	98.13	117.79	146.90	185.54
Dividend Payout %	53%	75%	75%	73%	70%	76%	72%	71%	71%	76%	66%	65%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	216	224	232	249	275	289	313	331	355	524	567	649	623
Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0
	235	270	322	386	433	454	443	493	468	274	497	558	554
Total Liabilities	467	510	569	650	723	758	771	840	838	813	1,079	1,222	1,192
	119	125	133	152	163	175	209	198	174	220	195	213	200
CWIP	3	5	7	0	0	0	0	0	41	1	34	0	0
Investments	223	193	190	171	224	199	181	171	162	174	416	575	532
	122	186	239	327	336	384	381	471	461	419	433	433	459
Total Assets	467	510	569	650	723	758	771	840	838	813	1,079	1,222	1,192

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	68	21	53	85	151	118	130	118	132	146	420	290
	-58	25	-5	-8	-63	9	-18	3	-24	-18	-264	-148
	-37	-37	-55	-54	-81	-117	-113	-126	-130	-130	-139	-144
Net Cash Flow	-27	9	-7	23	7	10	-1	-6	-22	-2	17	-2

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	36%	26%	35%	50%	71%	58%	69%	65%	58%	51%	50%	56%
Debtor Days	5	5	11	8	7	13	4	5	5	5	11	5
Inventory Turnover	5.05	3.62	3.01	2.79	2.89	2.72	3.03	2.64	2.38	2.61	3.26	4.11